Lates News

According to The Block report, bitcoin mining company MARA released its first quarter financial report, with revenue decreasing by 18% year-on-year to $174.6 million and net loss expanding to $1.3 billion, mainly due to unrealized losses on 38,689 bitcoins on its balance sheet. The company stated that bitcoin mining remains its "operational foundation" and plans to co-locate new infrastructure with existing mining operations to generate income while retaining the option to switch electricity to AI and high-performance computing. MARA stated that it does not plan to make large-scale purchases of ASIC mining machines in the future and will remain selective and goal-oriented. The company mined 2,247 bitcoins in the first quarter, with hashing power increasing by 33% year-on-year to 72.2 EH/s. Towards the end of the quarter, the company sold approximately $1.1 billion worth of bitcoin to repay debt and enhance financial flexibility, causing it to drop from the second largest publicly traded bitcoin treasury company to the fourth. After the financial report was released, MARA's stock price fell over 5% in after-hours trading.